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especially the fiscal cliff. in this grim environment you can find sectors that are holding up better than you might think. poncy says the pull back in retail might be just the moment that you want to pull the trigger to this key sector index. wouldn't that be something? stay with cramer and we will be right back. >> coming up. something is brewing. starbucks has been serving up solid returns. but could concerns about its moving to tea mean it is time to layoff the caffeine or is this your chance to fill up your cup before the shares really get percolating? cramer is grinding through the facts next. >>> tomorrow we are going to hear from one of my favorite companies and it is starbucks. having its biennial analyst day. right now it is more than ten points off its high for the year. i think it could mark the beginning of the stock's next big rally. you can follow along at actionalertsplus.com. a service that i do with the street. tomorrow i expect a terrific story. i'll give you a preview. lots of people ask me ho
especially the fiscal cliff. in this grim environment you can find sectors that are holding up better than you might think. poncy says the pull back in retail might be just the moment that you want to pull the trigger to this key sector index. wouldn't that be something? stay with cramer and we will be right back. >> coming up. something is brewing. starbucks has been serving up solid returns. but could concerns about its moving to tea mean it is time to layoff the caffeine or is this...
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>> the major impact is looking at the fiscal cliff. any compromise close to that is going to give the market some upward swing. the gop is under extreme pressure since president obama is definitely going to be seeing a wealthy tax added to it. on the economic news, little light tomorrow with initial claims at about 390,000, but the big story is really friday as we look to the jobs report. we believe that the effect of the payroll will be at 50,000 range due to the effect of hurricane sandy which could put our unemployment up to an 8% rate. >> all right. we'll be watching that. thanks very much to you both. we appreciate it. of course we'll be looking at this market and whether or not it loses the steam come the big rally today. ticktock, ticktock on the fiscal cliff. my thoughts on the story from timothy geithner. guess what, folks. i think we're going over the cliff. back in a moment. are system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where
>> the major impact is looking at the fiscal cliff. any compromise close to that is going to give the market some upward swing. the gop is under extreme pressure since president obama is definitely going to be seeing a wealthy tax added to it. on the economic news, little light tomorrow with initial claims at about 390,000, but the big story is really friday as we look to the jobs report. we believe that the effect of the payroll will be at 50,000 range due to the effect of hurricane...
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Dec 5, 2012
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fiscal cliff negotiations appear to be going nowhere. today president obama will meet with members of the business round table. plus, on the economic calendar, the november adp report on employment is due at 8:15 eastern. u.s. equity futures at this hour are indicated higher. not much happened yesterday. it's wednesday, december 5th, 2012, and "squawk box" begins right now.
fiscal cliff negotiations appear to be going nowhere. today president obama will meet with members of the business round table. plus, on the economic calendar, the november adp report on employment is due at 8:15 eastern. u.s. equity futures at this hour are indicated higher. not much happened yesterday. it's wednesday, december 5th, 2012, and "squawk box" begins right now.
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>> i contends the fiscal cliff will come to an agreement. it will be temporary in nature, kind of a year type of plan. i think the market has digested a bit that tax rates will go up. it's just a matter of how much spending are we going to cut to make this a market between the democrats and republicans. >> does monetary policy hurt or help the banks? keeping rates as low as they are, it's tough to make a buck the traditional way of lending and spending, right? >> i'm going to be a two-armed economist because i can't said on the other hand. there's two things that are very important. first of all, credit in commercial real estate is phenomenal. cap rates are really low. so the fact that rates are as low as they are has allowed commercial real estate not to fall into the abyss. if commercial real estate had to refi at high rates, we would have had another problem. the other problem is the fact margins are getting squeezed at these banks. credit quality is better. >> that's where the money comes from. >> yeah, fees. by the way, you can eat thes
>> i contends the fiscal cliff will come to an agreement. it will be temporary in nature, kind of a year type of plan. i think the market has digested a bit that tax rates will go up. it's just a matter of how much spending are we going to cut to make this a market between the democrats and republicans. >> does monetary policy hurt or help the banks? keeping rates as low as they are, it's tough to make a buck the traditional way of lending and spending, right? >> i'm going to...
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could be a fiscal cliff. the gulf is hotter than it's ever been even a few years ago it was ice cold. >> big story in the journal about exploration in this country. production 15-year high. brand new chapter here. look at the bottom of your screen. citigroup is cutting 11,000 jobs. we want to get to kayla tausche with more on that. >> we have a release that just hit the wire in citigroup where those jobs are coming from and a charge that the company plans to take in the fourth quarter because of these job cuts even though it expects them to generate $900 million in cost savings next year. interestingly this is the first move toward really slimming down citi by the new ceo. he has a quote in here saying these actions are logical next steps in citi's transformation and says they're committed to strategy that continues to leverage in the global banking market. if you go through the list of where these jobs are actually coming from, institutional clients group which is investment banking a quarter of the job cuts
could be a fiscal cliff. the gulf is hotter than it's ever been even a few years ago it was ice cold. >> big story in the journal about exploration in this country. production 15-year high. brand new chapter here. look at the bottom of your screen. citigroup is cutting 11,000 jobs. we want to get to kayla tausche with more on that. >> we have a release that just hit the wire in citigroup where those jobs are coming from and a charge that the company plans to take in the fourth...
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the soap opera we call the fiscal cliff. before we get to our chief washington john harwood and the president is meeting with another grouch ceos, i need to start with eamon javers on capitol hill where lawmakers are skipping down early for a long weekend. eamon, wasn't thanksgiving just a couple weeks ago? >> it was. let me check michael ichaey cal. you see rank and file members of congress leaving the capitol. they are done for the week. they're headed back loam to their hometown districts. a lot of folks focused on this negotiation right now but the reality is that the negotiations are taking place among just a very few, very high level people. i was talking to a few rank and file members yesterday who said they were frustrated there is not a whole lot for them to do, they are just sitting around here waiting for some break-through in these negotiations. they want something to do on the floor, in their offices and there is not much for them to sink their teeth into. now they're going into their district. leadership is goi
the soap opera we call the fiscal cliff. before we get to our chief washington john harwood and the president is meeting with another grouch ceos, i need to start with eamon javers on capitol hill where lawmakers are skipping down early for a long weekend. eamon, wasn't thanksgiving just a couple weeks ago? >> it was. let me check michael ichaey cal. you see rank and file members of congress leaving the capitol. they are done for the week. they're headed back loam to their hometown...
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fiscal cliff, big, big issue. there are now, it seems, growing numbers of people on both the right and the left who would like to see us just go over that fiscal cliff. how big of a problem would that be? >> that would be a big problem. i actually still believe that those -- the democrats, the administration, republicans in the final analysis don't want to see that happen. they do understand that not only would that present a problem in the near term as we went over the cliff at the end of the year, but we still then have the whole debt ceiling fight that would transpire shortly into the new year. the issue isn't simply the negative result of going over the cliff, but it's also that business, consumers, everybody continues to hold back on the uncertainty. and we believe the economy is pretty well positioned potentially in 2013 if we can put this behind us. so i think a lot of what's going on is what you would expect to see in this negotiation, very public negotiation, which is not the best way to do it. i think at
fiscal cliff, big, big issue. there are now, it seems, growing numbers of people on both the right and the left who would like to see us just go over that fiscal cliff. how big of a problem would that be? >> that would be a big problem. i actually still believe that those -- the democrats, the administration, republicans in the final analysis don't want to see that happen. they do understand that not only would that present a problem in the near term as we went over the cliff at the end...